Surecomp and Pelican AI Partner to Improve Trade Finance Process

Surecomp and Pelican AI have partnered to enhance digital trade risk and compliance.

This collaboration is part of a shared vision to drive the digital transformation of trade-based risk management, the two companies said in a Wednesday (Aug. 30) press release.

Surecomp, a provider of digital trade finance solutions, and Pelican AI, a global provider of artificial intelligence (AI)-powered financial crime and compliance solutions, will work together to address the need for streamlined and readily accessible data from within trade documents, according to the release.

By automating trade documents and accurately extracting and validating data from the trade finance process, financial institutions using Surecomp’s RIVO solution will be able to improve trade productivity, reduce risk, ensure compliance and enhance scalability to process the increasing trade volumes, the release said.

The trade finance process is often complex and paper-based, making it challenging for financial institutions to scale up their operations while ensuring regulatory compliance and driving growth without draining resources, per the release. This partnership between Surecomp and Pelican AI aims to provide digital solutions that offer automation and efficiency, enabling financial institutions to meet compliance requirements and support their growth objectives.

Pelican AI CEO Parth Desai said in the release that by combining trade finance and compliance expertise with innovative technologies such as AI and the cloud, the partnership presents a significant opportunity to support financial services organizations of all sizes.

Surecomp Senior Vice President of Strategy, Digitization and Business Development Enno-Burghard Weitzelwelcomed Pelican AI as the latest FinTech partner to the RIVO hub. He emphasized in the release that compliance is a major challenge for banks worldwide, and by partnering with Pelican AI, Surecomp aims to alleviate the regulatory burden and provide necessary data and reports on demand.

In another recent development in the trade finance space, GUUD and Intraco formed a strategic partnership on Aug. 24 to launch a trade token, TradeTok, on the multi-asset, private markets investment platform of Singapore’s digital asset exchange, SDAX. This collaboration aims to offer market participants a more efficient and transparent way to access trade finance assets, mitigate risks and improve liquidity.